Market Recap For May 11th, 2022
Whatever slight signs of bullishness that had developed on Tuesday were quickly squashed on Wednesday. Most of the damage hit the Nasdaq, again.
Yesterday’s close was clearly a bearish one. Traders would be advised to avoid holding any long positions too long until a clear reversal occurs.
Yesterday’s Sector Performance
Energy and Utilities actually had positive days.
Technology and Discretionary were the clear laggards.
Five-Day Sector Performance
Utilities are still sitting atop the weekly chart, albeit still firmly in the red.
Discretionary has had an awful trading week.
ETF Trade Watch
Technology Select Sector SPDR (XLK)
Consumer Discretionary Select Sector SPDR (XLY)
The past 6-7 weeks have been a persistent “sell the rally” environment, and there currently doesn’t appear to be any signs of that changing,
Until it does, the two sectors taking the biggest hits are Tech and Discretionary, which provides bearish opportunities on the XLK and XLY.
Good luck!